27.07.2026-
Original-Research: Intershop Communications AG (von Quirin Privatbank Kapital...
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Original-Research: Intershop Communications AG - from Quirin Privatbank
Kapitalmarktgeschäft
27.07.2026 / 16:42 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop
Communications AG
Company Name: Intershop Communications AG
ISIN: DE000A254211
Reason for the research: Upload
Recommendation: Buy
from: 27.07.2026
Target price: 1.9
Last rating change:
Analyst: Sebastian Droste
Cloud orders and margins improve
On July 22, 2026, Intershop released its H1 financial results and confirmed
its guidance for 2026. Revenues declined by 8.1% yoy, but were in line with
our expectation as the reported figure was 0.4% above our estimate,
indicating slightly better-than-expected resilience. Cloud growth, contract
renewals, higher new ARR and six new customer wins provided meaningful
support and partially offset the planned decline in license, maintenance and
service revenues. Cloud expansion remains a key positive driver, although
momentum was still limited by expired and non-renewed contracts and subdued
new customer activity.
The EBIT margin improved from negative to slightly positive and was in line
with our estimate, supported by a lower cost base, a stronger cloud margin,
a higher cloud revenue share and improved service profitability. Incoming
cloud orders and positive net new ARR in Q2 signal improving demand
momentum. The confirmed guidance is in line with our expectations. The
investment case remains supported by the increasing recurring revenue share,
improving cost structure and long-term growth potential in agentic commerce.
We leave our target price unchanged at EUR 1.9 and confirm our Buy
recommendation.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=28ec6157b8baf9b0a3236c3f5cb9f552
For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/
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